Dáil Éireann Debate, Tuesday - 18 May 2010
377 Deputy Joan Burton asked the Minister for Community, Rural and Gaeltacht Affairs the position regarding the balance of the Dormant Accounts Fund; if the Dormant Accounts Fund will be wound up; if so, the way the remaining balance will be dispersed and the areas in which income from this source will be directed in the future; and if he will make a statement on the matter. [20096/10]
Amharc ar fhreagraAs the Deputy is aware, the Dormant Accounts Fund Acts provide for an annual transfer by credit institutions and insurance undertakings of monies in accounts determined to be dormant into the Dormant Accounts Fund (DAF). Since its establishment in May 2003 to end-March 2010, the net transfers to the DAF have totalled some €326m.
The value of the DAF at end-March 2010, net of liabilities, was some €42m. This excludes the amount of some €46m currently maintained in a Reserve Account to meet reclaims and to cover expenses. The reserve is currently set at 15% of the total monies received by the Fund and not yet reclaimed.
There are no plans to wind up the DAF but the Deputy may wish to note that the Government plans to publish legislation in the coming months dissolving the Dormant Accounts Board.
Further details of the projects to which funding has been allocated to date and a summary of the status of the DAF are available on my Department's website
www.pobail.ie/en/DormantAccounts.
For the Deputy's convenience, I am arranging to have a copy of the summary table forwarded directly to her.
